Bank of New York Mellon Corp reduced its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 4.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,535,210 shares of the technology company’s stock after selling 127,062 shares during the quarter. Bank of New York Mellon Corp owned 4.09% of Lumentum worth $137,789,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of Lumentum by 8.6% during the first quarter. Dimensional Fund Advisors LP now owns 628,294 shares of the technology company’s stock valued at $33,520,000 after acquiring an additional 49,993 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Lumentum during the first quarter valued at approximately $7,848,000. Gateway Investment Advisers LLC acquired a new stake in shares of Lumentum during the second quarter valued at approximately $313,000. Creative Planning raised its holdings in shares of Lumentum by 54.2% during the second quarter. Creative Planning now owns 3,039 shares of the technology company’s stock valued at $173,000 after acquiring an additional 1,068 shares during the period. Finally, LS Investment Advisors LLC raised its holdings in shares of Lumentum by 2.1% during the second quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock valued at $204,000 after acquiring an additional 75 shares during the period. Institutional investors and hedge funds own 95.70% of the company’s stock.
Lumentum Holdings Inc. (LITE) traded up $2.15 during mid-day trading on Thursday, reaching $48.55. 3,527,103 shares of the company’s stock traded hands, compared to its average volume of 1,826,840. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.21 and a quick ratio of 4.38. The company has a market capitalization of $2,923.30, a P/E ratio of 32.97, a price-to-earnings-growth ratio of 0.86 and a beta of 0.83. Lumentum Holdings Inc. has a 12 month low of $34.15 and a 12 month high of $68.63.
A number of equities research analysts have recently issued reports on LITE shares. Needham & Company LLC restated a “strong-buy” rating and set a $80.00 price target on shares of Lumentum in a report on Wednesday, September 6th. B. Riley restated a “buy” rating and set a $81.00 price target on shares of Lumentum in a report on Sunday, August 13th. UBS boosted their price target on shares of Lumentum from $66.00 to $70.00 in a report on Wednesday, August 9th. Zacks Investment Research lowered shares of Lumentum from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Finally, Rosenblatt Securities set a $70.00 price target on shares of Lumentum and gave the company a “buy” rating in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $68.06.
In other Lumentum news, COO Vincent Retort sold 30,706 shares of the business’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $54.46, for a total value of $1,672,248.76. Following the completion of the sale, the chief operating officer now directly owns 110,770 shares of the company’s stock, valued at $6,032,534.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Martin A. Kaplan sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $55.03, for a total transaction of $165,090.00. Following the completion of the sale, the director now directly owns 26,573 shares of the company’s stock, valued at $1,462,312.19. The disclosure for this sale can be found here. Insiders sold 65,891 shares of company stock valued at $3,675,432 over the last three months. Insiders own 0.76% of the company’s stock.
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Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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